EFGAM's Mok backs Chinese banks to lead equity recovery

Mansfield Mok, the manager of EFG Asset Management's New Capital China Equity fund, has been snapping up cheaply valued Chinese banks, encouraged by the country's new leadership's plans for reform.

Mok, who previously managed the top-performing GAM Star China Equity fund, has been adding to his financials and consumer exposure following a pledge by China’s recently elected leader Xi Jinping to double China’s GDP growth and reform financial services. Mok has been snapping up opportunities in the region’s unloved banks, which he has avoided in the past due to heavy government intervention in the sector. He has upped his stake in financial leasing company Far East Horizon, now his largest holding at 5%, and Agricultural Bank of China. He has also added to his positions in Hong Kong...